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AMC Networks (AMCX) Misses Q1 Earnings, Beats Revenues

AMC Networks Inc. AMCX reported mixed financial results in the first quarter of 2016. While revenues outpaced the Zacks Consensus Estimate, net earnings missed the same.

GAAP net income was $113.4 million or $1.55 per share compared with $120.9 million or $1.66 per share in the year-ago quarter. First-quarter adjusted earnings per share of $1.64 were well short of the Zacks Consensus Estimate of $1.84.

Quarterly total revenue of $706.6 million was up 5.7% year over year and ahead of the Zacks Consensus Estimate of $693 million. National Networks revenues were $598.6 million, up 6.4% year over year. International and Other revenues were $109 million, up 2.5% year over year.

Quarterly total adjusted operating cash flow (ACOF) was $286.6 million, up 10.6% year over year. National Networks AOCF was $281 million, up 10.9% and International and Other AOCF was $5.1 million, down 10.1%.

First-quarter operating costs and expenses totaled $447.8 million, up 2.2% year over year. Operating income was $258.8 million, up 12.2% year over year. Operating margin was 36.6% compared with 34.5% in the prior-year quarter.

In the first quarter of 2016, AMC Networks generated $167.4 million of cash from operations compared with $80.2 million in the year-ago quarter. Free cash flow in the reported quarter was $146 million compared with $61.9 million in the year-ago quarter. At the end of the reported quarter, AMC Networks had $702.8 million of cash and cash equivalents and $2,356 million of net debt outstanding.

Zacks Rank & Stocks to Consider

AMC Networks currently has a Zacks Rank #3 (Hold). Some better-ranked stocks in the industry include Cumulus Media Inc. CMLS, Entercom Communications Corp. ETM and Gray Television Inc. GTN. While Cumulus and Entercom currently sport a Zacks Rank #1 (Strong Buy), Gray Television holds a Zacks Rank #2 (Buy).

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CUMULUS MEDIA (CMLS): Free Stock Analysis Report
 
ENTERCOM COMMUN (ETM): Free Stock Analysis Report
 
GRAY TELEVSN (GTN): Free Stock Analysis Report
 
AMC NETWORKS- A (AMCX): Free Stock Analysis Report
 
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